QUESTIONS AND ANSWERS UNIT 1.docx

Which of the following considerations is related to sociocultural environment?  A.)More people are going out and traveling since the overall economy has improved.  B.)It will be easier to hire a couple of app develop ...

Which of the following considerations is related to sociocultural environment?  A.)More people are going out and traveling since the overall economy has improved.  B.)It will be easier to hire a couple of app developers part time since that type of work has become more flexible.  C.)There's a major tablet manufacturer developing a device that utilizes a new operating system.  D.)A new business decides to begin with the city its owners live in since they are familiar with the local geography and tax issues. Which of the following considerations is related to economic environment? A.)Mobile usage has increased, which means more people will be interested in downloading apps. B.)State officials have suggested legislation to simplify regulations that small businesses must follow. C.)More countries have improved technology infrastructures, which makes using apps around the world easier. D.)Employment levels are up, which means more people are spending money by visiting attractions in the city. Which of the following considerations is related to domestic environment?  A.)Congress enacted legislation to increase the minimum wage by $2 per hour.  B.)Many local resources about geographic landmarks are available to use for app development.  C.)Interest rates for borrowing money are low, which can help fund startup operations.  D.)The programmers needed to develop the app are known to change jobs often. BUSINESS ENVIRONMENTS Which of the following actions differentiates an entrepreneur from other small business owners?  A.)Uses creative and inventive methods to build a business  B.)Starts a business to satisfy an unmet need  C.)Focuses on providing freedom of choice  D.)Starts a business to improve local communities Entrepreneurs take on businesses with the main goal of creating __________.  A.)choice and opportunities  B.)growth and expansion  C.)needs and wants  D.)profit and loss Which of the following goals differentiates entrepreneurs from other small business owners?  A.)Primary goal is to make a profit  B.)Primary goal is growth and expansion  C.)Develop the business to satisfy a need  D.)Develop the business to provide a quality of life ECONOMIC SYSTEMS Which of the following is an example of capital?  A.)Money needed for day-to-day operations  B.)Secret recipe for the custom tea blend sold in the store  C.)The baristas that make and serve the beverages sold at Tarheel Coffee  D.)Espresso machines used to make coffee drinks Which of the following is an example of a physical resource?  A.)Patent for a new coffee press sold only at Tarheel Coffee locations  B.)Janitorial service hired to clean the coffee house after hours  C.)Cash register used by clerks to make sales  D.)Loans taken to fund a new Tarheel Coffee location in a nearby town Which of the following is an example of a human resource?  A.)Cash used to pay monthly operating expenses at each location  B.)The manager of Tarheel Coffee, who oversees the day-to-day operations  C.)Indoor and outdoor furniture available for customers to enjoy the atmosphere  D.)An idea for a new summer drink that will be unique to Tarheel Coffee's menu SUPPLY AND DEMAND ECONOMICS Which of the following is true in an oligopoly?  A.)Marketing is not needed since demand exists for the product and no one else supplies it.  B.)Advertising will have little effect on the success of a product and is not needed.  C.)Determining the best price of a product is more important than its marketing.  D.)Focus on telling customers how the features of a product are different from other products. Which of the following is true in a monopoly?  A.)Business owners should focus on pricing products correctly so customers will choose it over other products.  B.)Business owners should focus on other business functions, since advertising will not impact the success of their products.  C.)Business owners should use marketing to em